The UK opts in to Europe: working with Johnny Foreigner Guildhall Insolvency @ the Watershed...
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Transcript of The UK opts in to Europe: working with Johnny Foreigner Guildhall Insolvency @ the Watershed...
The UK opts in to Europe: working with Johnny Foreigner
Guildhall Insolvency @ the Watershed
Wednesday 12 June 2013
Chris Laughton, Mercer & HoleStefan Ramel Guildhall Chambers
On the menu for today….
•the Reform of Council Regulation (EC) No 1346/2000 on insolvency proceedings
• Some reflections on communication and co-operation in cross-border cases
Timeline of reform
•March – June 2012 = public web-based & Europe-wide consultation on the Regulation;
•June 2012 = Art. 46: EC Commission due to report on the Regulation by June 2012;
•December 2012 = proposed revised Regulation (the Commission was late!);
Timeline of reform (ctd)
•January 2013 = proposal sent to the European Parliament for legislative scrutiny (end eta: Spring 2014);
•7 – 25 February 2013 = very short UK consultation period.
•April 2013 = deadline for UK Opt-in decision. Decision taken on basis of consultation responses and work with stakeholders
The results of the EU consultation are in…
•Regulation functions in a “sound and satisfactory manner”
•Some (actually, quite a bit of) room for improvement
•Focus to be on rescue and recovery, not liquidation
The word from Europe…
“… The new rules will help
viable businesses to survive
and promote a culture of the
"second chance". The revised
rules will increase efficiency,
fairness and transparency of
cross-border insolvency
proceedings…”
Viviane Reding, Commission
Vice-President, 16 May 2013
The word from Parliament…
“… Responses from
stakeholders have
been universally
supportive of the
proposals and of the
UK opting in…”
Jo Swinson, 4 March
2013
and the UK’s decision was…
“… The decision to
opt-in was unanimously
supported by stakeholders
who responded to a call for
evidence during February
2013…”
Jo Swinson, written
ministerial statement, 15
April 2013
Gazing into a crystal ball…
Key suggested changes
include:
•bankruptcy tourism;
•COMI / jurisdiction;
•Insolvency Register;
•Groups
•Secondary proceedings
Working with Johnny Foreigner?
Cooperation and communication (1)
Antal International Limited (in administration) – 2002
[2003] EWHC 1339 (Ch)
Working with Johnny Foreigner again
Cooperation and communication (2)
Alitalia Linee Aeree Italiane S.p.A.
[2011] EWHC 15 (Ch)
Really working with Johnny Foreigner
Cooperation and communication (3)
Alkor-Venilia GmbH (in liquidation)
Germany – main
UK
France
Italy all secondary
Spain
Belgium